可能的潜力股推荐系列（1）---------VPRT

逍遥山人

Vistaprint limited(VPRT)是一家目前为止世界上最大的网络在线印刷服务商，属商业服务板块。 该公司从事在线印刷，通过客户访问公司网站为中小企业客户提供在线设计、印刷等服务，目前涉及区域包括北美和欧洲在内的120多个国家，建有19个国家本土服务网站，并声称拥有1700多万客户。

VPRT的业务基本分为两类：e-commerce在线商务和在线广告，因此业务收入也体现为两部分：在线印刷服务收入和过手推荐费。

该公司的服务对象主要是北美和欧洲的中小企业客户。目前这两个区域雇佣小于10人的企业数目大概在5000万个，每年花费在印刷方面的支出大概为500美金，市场容量大约250亿美金。如果按09财年5亿美金来算，VPRT仅占其中的2%！以此看来，如果该公司能够维持其市场领导地位，前景还是挺广阔的。

公司客户的重复购买比例高达66%，说明客户忠诚度较高。

同时公司还通过提高服务种类和商品种类来提升收入增长幅度，以business card为例，03年该项占收入比例为85%；而到2007年由于其他服务和产品的丰富，该产品所占比例下降到45%。

至于过手推荐费。这是其他企业在其网站设有广告，当VPRT的客户在访问网站过程中点击或者购买该企业的产品和服务所产生的分成收入。目前占收入比重大概6.4%左右。公司预计到2011年该比例下降为2-3%水平。不过这也是VPRT备受争议的一项收入，VPRT在提交给监管机构的文件中承认这种收入蕴含着风险。公司表示，部分付给自己推荐费的项目遭到了消费者的投诉，甚至吃了官司；消费者声称公司让他们参加这样的项目并为此付费实际上违反了多部消费者保护法的规定，或直指这其中存在欺骗行为。

总之，公司基本面算是相当良好，即使在本次经济衰退中，盈余报告也多次beating华尔街的预期，盈余与营收的季同比也依然呈现稳步成长趋势。

技术面方面，VPRT在2008年11月到达11.75的最低点之后，领先大盘翻身向上，至09年5月升到大约45元附近见顶回落，开始长达6周的横向整理。本周四（30日）盘后VPRT将出盈余报告，能否突破这6周盘整，很可能将在此一举。

seabiscuit

谢谢。我去看看啊。 希望多看到你的帖子。

雨茗

invest4long

yuelm2008

great, thx!

dara

too high, I'd rather to buy catch-behind stock at this level.

xnz

thanks

块块

不过现在的价位好象高了些, 上涨空间小了, 除非是下个BIDU或GOOG一类型的.

股舞人生

THX

wnd4

thanks

falcone

Here's an good reading if you are interested in investing in VPRT:
http://www.citronresearch.com/index.php/2009/07/21/citron-research-reports-on-vistaprint-vprt/

btmarket

Thx.

逍遥山人

* Revenue for the fourth quarter of fiscal year 2009 grew to $135.2
   million, a 22 percent increase over revenue of $110.4 million
   reported in the same quarter a year ago.  For the full fiscal year,
   revenue grew to $515.8 million, a 29 percent increase over revenue
   of $400.7 million in fiscal year 2008.
* Gross margin (revenue minus the cost of revenue as a percent of
   total revenue) in the fourth quarter was 63.1 percent, compared to
   60.6 percent in the same quarter a year ago.  For the full fiscal
   year, gross margin was 62.8 percent, compared to 61.5 percent in
   fiscal 2008.
* Operating income in the fourth quarter was $15.1 million, or 11.2
   percent of revenue, and reflected a 33 percent increase compared to
   operating income of $11.3 million, or 10.3 percent of revenue, in
   the same quarter a year ago.  For the full fiscal year, operating
   income was $61.6 million, or 11.9 percent of revenue, a 50 percent
   increase over operating income of $41.2 million, or 10.3 percent of
   revenue, in the prior fiscal year.
* GAAP net income for the fourth quarter was $14.7 million, or 10.9
   percent of revenue, representing a 42 percent increase compared to
   $10.3 million, or 9.4 percent of revenue in the same quarter a year
   ago.  For the full fiscal year, GAAP net income was $55.7 million,
   or 10.8 percent of revenue, a 40 percent increase over GAAP net
   income of $39.8 million, or 9.9 percent of revenue, in the prior
   fiscal year.
* GAAP net income per fully diluted share for the fourth quarter was
   $0.33, versus $0.22 in the same quarter a year ago. For the full
   year, GAAP net income per fully diluted share was $1.25, versus
   $0.87 in the prior full fiscal year.
* Non-GAAP adjusted net income for the fourth quarter, which excludes
   share-based compensation expense and its related tax effect, was
   $19.5 million, or 14.4 percent of revenue, representing a 30
   percent increase over non-GAAP adjusted net income of $15.0
   million, or 13.6 percent of revenue, in the same quarter a year
   ago.  For the full fiscal year, non-GAAP adjusted net income, which
   excludes share-based compensation expense and its related tax
   effect, was $75.9 million, or 14.7 percent of revenue, a 38 percent
   increase over non-GAAP adjusted net income of $55.1 million, or
   13.8 percent of revenue, in the prior fiscal year.
* Non-GAAP adjusted net income per fully diluted share for the fourth
   quarter, which excludes share-based compensation expense and its
   related tax effect, was $0.43, versus $0.32 in the same quarter a
   year ago.  For the 2009 full fiscal year, non-GAAP adjusted net
   income per fully diluted share, excluding share-based compensation
   expense and its related tax effect, was $1.68, versus $1.18 in the
   prior full fiscal year.
* Capital expenditures in the fourth quarter were $16.7 million or
   12.4 percent of revenue.  During the full fiscal year capital
   expenditures were $76.3 million or 14.8 percent of revenue.
* During the fourth quarter, the Company generated $27.8 million of
   cash from operations and $9.2 million in free cash flow, defined as
   cash from operations less purchases of property, plant and
   equipment, and capitalization of software and website development
   costs.  During the full fiscal year, the Company generated $120.1
   million of cash from operations and $36.6 million in free cash
   flow.
* The Company had $134.0 million in cash and cash equivalents as of
   June 30, 2009.

Operating Highlights:

* Vistaprint acquired approximately 1.4 million new customers in the
   fourth fiscal quarter ending June 30, 2009.  For the full 2009
   fiscal year, the number of new customer acquisitions totaled
   approximately 5.6 million.
* Repeat customers generated approximately 67 percent of total
   quarterly bookings in the fourth quarter, compared with 65 percent
   in the same quarter a year ago.
* Average daily order volume in the fourth quarter of fiscal 2009 was
   approximately 44,000, reflecting a 33 percent increase over an
   average of approximately 33,000 orders per day in the same quarter
   a year ago.
* Advertising spending in the fourth quarter was $24.7 million, or
   18.2 percent of revenue compared to $19.6 million, or 17.7 percent
   of revenue in the same quarter a year ago.
* Non-U.S. markets contributed 39 percent of total revenue in the
   fourth quarter, the same percentage as compared to the same quarter
   a year ago, reflecting a 21 percent increase in revenue from non-
   U.S. markets year over year.  For the full year, non-U.S. markets
   contributed 39 percent of total revenue, compared to 38 percent in
   fiscal 2008, reflecting a 33 percent increase year over year.
* Average order value in the fourth quarter including revenue from
   shipping and processing was $33.31, compared to $34.00 in the same
   quarter a year ago.
* Website sessions in the fourth quarter were 62.1 million, a 30
   percent increase over 47.8 million in the same quarter a year ago.
* Conversion rates were 6.4 percent in the fourth quarter of fiscal
   2009, compared to 6.4 percent in the same quarter a year ago.

逍遥山人

ER似乎还可以，但盘后现在却下跌了约7%。既然未能突破6周盘整区间，这支股票算是暂时废了。